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Inflation targeting and central bank independence: we are all Keynesians now! or are we?

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Author Info

  • MALCOLM SAWYER

Abstract

A number of countries have adopted inflation targeting since the early 1990s in an attempt to reduce inflation to low levels. A number of its ingredients can be found in Keynes, especially that of central bank independence. Is it then the case that we are all Keynesians now? The main theoretical ingredients of inflation targeting appear to be very different from Keynes's ideas on central banking and its policy objectives. Regrettably, we may not all be Keynesians after all, or not yet!

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File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4HDUP32Y94TAXE9C
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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 28 (2006)
Issue (Month): 4 (July)
Pages: 639-652

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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:639-652

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: central bank independence; inflation targeting; Keynesian economics; monetary policy; new consensus macroeconomics;

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Cited by:
  1. Felix, Ayadi & Marianne, Ojo, 2013. "Central bank independence: monetary policies in selected jurisdictions (I)," MPRA Paper 45679, University Library of Munich, Germany.
  2. Hein, Eckhard & Schoder, Christian, 2009. "Interest rates, distribution and capital accumulation – A Post-Kaleckian perspective on the US and Germany," MPRA Paper 18223, University Library of Munich, Germany.
  3. Carlos A. Carrasco & Jesus Ferreiro, 2013. "Inflation targeting in Mexico," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 35(3), pages 341-372, April.

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